Daiwa: German and French surveys will cross-validate PMI, eurozone bond yields rise due to strong data

```html(1) Analysts at Daiwa Capital Markets stated that the Ifo Institute's business climate survey in Germany and the enterprise and consumer confidence survey in France will provide the market with cross-verification to validate the signals of stronger growth momentum and increased price pressure shown in the preliminary PMI figures. (2) The PMI data for France, Germany, and the Eurozone released on Wednesday exceeded analysts' expectations, pushing Eurozone government bond yields higher. (3) Daiwa analysts remarked that these data suggest national surveys are also likely to show a strengthening in growth; however, given that over the past few months the surveys by the Ifo Institute in Germany and INSEE in France have not been as pessimistic as the corresponding PMI results, the overall business climate index is expected to show only a modest increase.```